PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Board of Directors of Arkose GP LLC Discussion Materials April 10, 2018 PRIVATE AND CONFIDENTIAL. This document is being sent to you for your information only as an investment banking client of Gol dman Sachs and should not be forwarded outside of your organization. This document has been prepared by the Investment Banking Division and is not a produ ct of Goldman Sachs Global Investment Research. This document should not be used as a basis for trading in the securities or loans of the companies name d herein or for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solic itation of proxies or votes and should not be construed as consisting of investment advice. Goldman Sachs does not provide accounting, tax, or legal advice. Working Draft as of 7-Apr-2018

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PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Table of Contents I. Executive Summary Appendix A: Appendix B: Supplemental Materials Alternative Perspectives on Series B Conversion – For Special Committee Use Only 2

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY I. Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Process Update on Arkose Midstream GP Structural Alternatives Immediately following the March 9th Board presentation, the Special Committee and its financial and legal advisors conducted a detailed review of structural alternatives available to GP. The review included: — — Due diligence with management on the status quo Upstream, Midstream, and GP financial plans Examination of major trends in the midstream and MLP capital markets, the broader energy market, and the recent structural simplifications that have occurred in the midstream sector Financial and capital market comparisons of two different structural alternatives to the status quo plan: i) GP acquiring Midstream using all stock, and ii) a recapitalization of the IDRs held by the GP using Midstream LP units — As a result of our review, the Special Committee observes the following with regard to the market environment: — There is notable stress in the midstream capital markets for companies such as Midstream that chose to be structured as limited partnerships: – The Alerian MLP index – as a proxy for the midstream sector --is 46% lower over the last 5 years, 26% lower over the last 1 year, and 13% lower year-to-date A steep drop-off in liquidity has occurred for both primary and secondary midstream equity capital Significant and wide-spread distribution/dividend cuts have occurred across the sector over the last 5 years as growth has decelerated and as equity capital has become scarce – – — Since 2013, we have identified 16 MLP simplifications that share similarities to the alternatives we evaluated –Increasingly these simplification transactions are being undertaken proactively rather than defensively to eliminate IDRs or the trading of MLPs entirely –There is a critical mass of precedent for a GP-Buys-Midstream style transaction. Of the 16 transaction noted above, 7 transactions involved a GP-entity acquiring their MLP in a taxable transaction primarily for stock (1) (1) Kinder Morgan – Kinder Morgan Partners (Aug-2014); Kinder Morgan-El Paso Energy Partners (Aug-2014); Targa-Targa Resource Partners (Nov-2015); Semgroup-Rose Rock Midstream (May-2016); ONEOK-ONEOK Partners (Feb-2017); Archrock-Archrock Partners (Jan-2018); and Tallgrass GP-Tallgrass Energy Partners (Apr-2018) 4 Executive Summary The Special Committee believes that pursuing a GP-Buys-Midstream transaction could be in the interest of GP common shareholders

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Process Update on Arkose Midstream GP Structural Alternatives (Cont’d) These market factors favor structural simplification versus the status quo. Our preference for a GP-Buys-Midstream structure versus an IDR recapitalization (or the status quo plan) is driven by a number of factors, including: — Combination of separate pools of equity into a single, larger, and common pool of 1099 equity, which is attractive to a broader group of investors Significant accretion in cash distributions and distributable cash flow per GP common share — – – Transaction accelerates GP’s economic ownership of Midstream distributed cash flow, potentially by many years Meaningful tax synergies increases the total amount of cash available for distribution for GP and Midstream without any corresponding reduction in distribution coverage GP common shareholders will have economic ownership of Midstream’s pre-coverage distributable cash flow (versus relying on actual cash distributions being paid by Midstream in order to receive cash at the GP entity) – — The pro forma GP entity will remain the highest growth midstream equity in the sector, with cash accretion helping to further offset any adverse effects on valuation of a “blending-down” of the GP distribution growth rate as a result of the deal The Special Committee also examined the potential market reactions and shareholder base implications for a GP-Buys Midstream transaction. Our preference for a single 1099 equity as the future form of ownership is driven by: — — Broader universe of investors for a 1099 equity, especially those outside of dedicated midstream/MLP funds Larger follow-on offerings have been executed for 1099 versus K-1 equities, and generally there appears to be greater daily trading liquidity for 1099s than K-1s after adjusting for market cap/float However, a major “prize” for a 1099 stock is index inclusion, which generates required index investor buying. Our pro forma GP-entity would have 3 significant “red flags” preventing index eligibility: — – – – i) Partnerships are specifically not eligible, a change in form to a true C-Corp would be required; ii) non-traditional governance arrangements make inclusion highly unlikely, and iii) S&P has a 50% float requirement (versus an expected ~45% float on a pro forma basis) 5 Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Process Update on Arkose Midstream GP Structural Alternatives (Cont’d) Given these various considerations, the Special Committee would recommend considering a GP-Buys-Midstream transaction. The main features of the transaction would be: — — Issuance of GP stock to acquire all outstanding LP units of Midstream Transaction would be taxable to Midstream LP unitholders in order to generate a tax basis step-up to shield cash taxes for a period of time at the surviving GP entity Simplification of all equity interests in Midstream, including the IDRs and the Series B interest in IDR LLC, into one single equity security Status quo partnership form and governance arrangements (i.e., no “NewCo C-Corp” structure) — — In order for the Special Committee to move forward with the determination of an initial exchange ratio to propose to Midstream, we wish to reach a common and clear understanding with the GP Board of the framework for Series B compensation — — The Series B have significant economic value to the holders of those interests Conversion of the Series B into common shares as suggested in the March 9th presentation represents a meaningful portion of the overall equity in the pro forma GP entity –25mm shares represents ~4 - 5% pro forma ownership in the combined entity Following resolution or clarification of the Series B units, the GP Board and the Special Committee should be able to agree shortly thereafter upon an initial exchange ratio to propose to Midstream — 6 Executive Summary The Special Committee believes that reaching a common understanding among the GP Board on the framework for compensating the IDR LLC Series B unitholders is in the best interest of all parties before moving forward with a proposal to Midstream

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Comparison of Potential Structural Alternatives (Preliminary analysis subject to final structure and further simplification) Status Quo GP Buys Midstream Summary Description N/A GP acquires Midstream in a 100% share transaction GP remains a partnership taxable as a corporation IDRs Exist? Yes No Midstream Equity Value 2 pools of equity (K-1 and 1099) 1 common pool of equity (1099) Mkt. Cap. Float Mkt. Cap. Float Midstream $4.6bn $2.2bn Midstream ---- GP $3.0bn $1.2bn GP $7.6bn $3.4bn Cash Distribution Potential GP expected to pay ~$425mm in cash taxes over the forecast period Increased vs. status quo: cash tax savings due to taxable transaction to target unitholders IDR LLC Series B Treatment Receives 6% of cash distributions in excess of $7.5mm per quarter, with right to convert into 6% of market cap in excess of $2.0bn Requires renegotiation or conversion of Series B interest as part of transaction Governance Partnership-style Partnership-style (absent change to status quo) Broad-based Equity Index Potential No as result of i) LP status of remaining entities, and ii) partnership-style governance are both specifically excluded from broad-based indices No as result of i) LP status of remaining entities, and ii) partnership-style governance are both specifically excluded from broad-based indices Unitholder / Shareholder Approvals N/A Midstream: Approval of majority of outstanding LP unitholders (53% held by Upstream) GP: Not required Note: Subject to determination of structure and further simplification. 7 Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary of Series B Units in Arkose IDR Holdings LLC Term Description Membership interests in Arkose IDR Holdings LLC (the “Company”), are designated as “Units” and divided into two classes: “Series A” and “Series B”. The Series B Units are profit interests As of December 31, 2017, 98,600 Series B Units were issued and outstanding (representing all authorized Series B Units), and 32,875 of which are vested — 48,000 held by CEO Paul Rady; 32,000 held by CFO Glen Warren; and 4,000 held by Midstream SVP and CFO Michael Kennedy Series B Units are subject to transfer restrictions and ratably vest over a three-year period on the anniversary date of their issuance (December 2016/January 2017). Any Series B Unit that fail to vest will be forfeited and not be re-issued — Certain senior executives of Arkose Midstream are also entitled to accelerated vesting of Series B Units upon involuntary termination of employment without cause, death or disability or certain change-of-control events. Series B Units are entitled to receive up to 6% of all quarterly cash distributions in excess of $7.5mm paid by Arkose Midstream Partners LP (“Midstream”) on its incentive distribution rights (“IDRs”), subject to vesting conditions. — The Series A Units receive all other distributions (including the first $7.5mm in quarterly cash distributions made prior to distributions to Series B Units) Series B Units do not participate in distributions prior to vesting, but upon vesting are entitled to receive catch-up distribution in an amount equal to pro rata share of distributions made prior to vesting Series B Units may be converted by holders into common shares of Arkose Midstream GP LP (“GP”) with a value equal to the pro rata share of up to 6% of any increase in GP’s equity value in excess of $2.0bn GP common shares issued pursuant to conversion capped at 6% of the GP common shares Upon the earliest to occur of (i) December 31, 2026, (ii) a change of control of the Company or GP or (iii) a liquidation of the Company, GP may convert each outstanding Series B Unit into GP common shares, subject to certain limitations and in accordance with the conversion ratio described in the “Optional Conversion” section above Source: Arkose IDR Holdings LLC Limited Liability Company Agreement dated 31-Dec-2016 and Arkose GP 2017 10-K Executive Summary 8 Mandatory Conversion Optional Conversion Distributions Transfer and Vesting Restrictions General

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Conversion Calculation For Series B Units of Arkose IDR LLC Class B Conversion Into Status Quo GP Shares Conversion into Pro Forma Market Cap 20 Trading-Day GP VWAP (Current) (x) Common Shares Outstanding $ 16.42 186 20 Trading-Day GP VWAP (Current) (x) Common Shares Outstanding $ 16.42 186 GP Market Cap (+) Midstream Market Cap $ 3,058 4,692 GP Market Cap (-) $2.0bn Threshold $ 3,058 (2,000) Pro Forma Market cap (-) $2.0bn Threshold $ 7,750 (2,000) (x) Series B Take 6.0 % (x) Series B Take 6.0 % (x) Units Outstanding (x) Percent Vested 100 % 100 % (x) Units Outstanding (x) Percent Vested 100 % 100 % (/) Vested Units Outstanding 99 (/) Vested Units Outstanding 99 (x) Vested Units Redeemed (/) 20 Day GP VWAP (Current) 99 $ 16.42 (x) Vested Units Redeemed (/) 20 Day GP VWAP (Current) 99 $ 16.42 Source: GP 424 B4 filing dated 05-May-2017 and GP IDR Holdings LLC Limited Liability Company Agreement dated 31-Dec-2016; Bloomberg market data as of 04-Apr-2018 9 Executive Summary Conversion - Common Shares Issued21 Conversion - Common Shares Issued 4 Per Vested B Unit Entitlement$ 3.50 Per Vested B Unit Entitlement $ 0.64 Total Entitlement$ 345 Total Entitlement $ 63 Memo: illustrative assumption Class B Share$ 345 Class B Share $ 63 Equity Value Subject to Series B Take$ 5,750 Equity Value Subject to Series B Take $ 1,058

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Ownership Exchange Ratios Impact at Various Shares Issued for Midstream Implied Midstream Unit Price Implied Premium to 1 Day Close Implied Premium to 30 day VWAP 280 $ 23.24 (7)% (11) 299 $ 24.78 (1)% (5) 318 $ 26.33 5 % 1 336 $ 27.88 11 % 7 355 $ 29.43 17 % 13 374 $ 30.98 23 % 19 393 $ 32.53 30 % 25 Pro Forma Ownership with Series B Conversion Into Post Transaction Market Cap (~21mm Shares) Former Series B Shareholders Former Midstream Unit Holders Midstream Public Upstream 4 4 4 4 4 4 4 27 % 30 28 % 31 29 % 32 29 % 33 30 % 33 30 % 34 31 % 35 Total Shares Outstanding 488 506 525 544 562 581 600 Pro Forma Ownership with Series B Conversion Into Status Quo Market Cap (~4mm Shares) Former Series B Shareholders Former Midstream Unit Holders Midstream Public Upstream 1 1 1 1 1 1 1 28 % 32 29 % 32 29 % 33 30 % 34 31 % 34 31 % 35 32 % 36 Total Shares Outstanding 470 489 508 527 545 564 583 Implied GP Share Price At Current Market Cap Illustrative Incremental Equity Value to Breakeven GP Share Price $ 16.23 (349) $ 15.61 (59) $ 15.04 230 $ 14.50 520 $ 14.01 810 $ 13.54 1,099 $ 13.11 1,389 Source: Upstream, Midstream, and GP 2017 10-Ks and Bloomberg market data as of 04-Apr-2018 10 Executive Summary Total Former Midstream Unitholders60 %61 %63 %64 %65 %66 %67 % GP Current Shareholders40 %38 %37 %35 %34 %33 %32 % Total Former Midstream Unitholders58 %59 %61 %62 %63 %64 %65 % GP Current Shareholders38 %37 %35 %34 %33 %32 %31 % Memo: GP Current Shares Outstanding 186mm Current GP Share Price: $15.49 Combined Equity Value: $7.6bn Illustrative Exchange Ratios (Midstream / GP)1.5 x1.6 x1.7 x1.8 x1.9 x2.0 x2.1 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Impact of Alternative Series B Conversion Levels Pro Forma GP DPS Capitalized in 2019 DPS1 Pro Forma Ownership 1% $ 2.77 $ 2.68 $ 301 ~4mm shares $ 282 61% 4% 37% ~21mm shares 59% 2018 2019 2020 2021 2022 Current Midstream Yield Total Equity Upside Yield Yield 1% $ 2.41 $ 2.33 33% ~4mm shares $ 263 66% $ 246 4% 32% ~21mm shares 64% 2018 2019 2020 2021 2022 Current Midstream Yield Total Equity Upside Yield Yield Convert into GP Market Cap Convert Into Pro Forma Market Cap GP Midstream Series B Source: Arkose Projections and Bloomberg market data as of 04-Apr-2018 1 Capitalization based on pro forma shares outstanding held by legacy Midstream unitholders and GP shareholders. Executive Summary 11 $ 216 $ 1.95 $ 1.90 $ 1.58 $ 1.53 $ 1.15 $ 1.12 $ 0.82 $ 0.80 Illustrative 2.0 x Exchange Ratio to Midstream $ 248 $ 2.25 $ 2.18 $ 1.82 $ 1.76 $ 1.33 $ 1.28 $ 0.95 $ 0.91 Illustrative 1.6 x Exchange Ratio to Midstream

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Pro Forma Trading at Various and Implied Ownerships Based on 2019 DPU / DPS Yields Implied Unit Price / Accretion / (Dilution) to Midstream Implied Share Price / Accretion / (Dilution) to GP Current Midstream Yield Current Total Equity Yield Current Current Total Upside Yield Midstream Yield Equity Yield Upside Yield GP Break Even Yield DPU / DPS % vs. Current Midstream GP 8.8 % 7.7 % 7.2 % 8.8 % 7.7 % 7.2 % 1.6 x 38 % (4)% 50 % 8.6 % 1.7 37 (2) 44 8.3 1.8 35 0 39 8.0 1.9 34 2 34 7.7 2.0 33 4 30 7.4 1.6 x 37 % (7)% 44 % 8.3 % 1.7 35 (5) 39 8.0 1.8 34 (3) 35 7.7 1.9 33 (1) 30 7.5 2.0 32 1 26 7.2 Source: Arkose Projections and Bloomberg market data as of 4-Apr-2018 1 Calculation based on GP’s market cap based on current 20-trading day VWAP. 2 Calculation based on implied pro forma market cap calculated as GP market cap based on 20-trading day VWAP plus Midstream’s current market cap; total market cap held constant regardless of exchange ratio. 12 Executive Summary $ 14.56 / (6)% $ 14.04 / (9)% $ 16.56 / 7 % $ 17.72 / 14 % $ 15.97 / 3 % $ 17.09 / 10 % $ 13.56 / (12)% $ 15.42 / (0)% $ 13.11 / (15)% $ 14.91 / (4)% $ 16.50 / 7 % $ 15.95 / 3 % $ 12.69 / (18)% $ 14.43 / (7)% $ 15.44 / (0)% $ 23.30 / (7)% $ 23.87 / (5)% $ 24.41 / (3)% $ 24.91 / (1)% $ 26.50 / 6 % $ 28.36 / 13 % $ 27.15 / 8 % $ 29.06 / 16 % $ 27.76 / 11 % $ 29.71 / 18 % $ 28.33 / 13 % $ 30.31 / 21 % $ 25.37 / 1 % $ 28.86 / 15 % $ 30.88 / 23 % Implied GP Ownership Exchange Ratio Conversion into Pro Forma Market Cap (~21mm shares)2 $ 15.07 / (3)% $ 14.52 / (6)% $ 14.00 / (10)% $ 17.14 / 11 % $ 18.34 / 18 % $ 16.51 / 7 % $ 17.67 / 14 % $ 15.93 / 3 % $ 17.04 / 10 % $ 13.52 / (13)% $ 15.38 / (1)% $ 13.07 / (16)% $ 14.87 / (4)% $ 16.46 / 6 % $ 15.91 / 3 % $ 24.11 / (4)% $ 24.68 / (2)% $ 27.43 / 9 % $ 29.35 / 17 % $ 28.07 / 12 % $ 30.04 / 20 % $ 25.20 / 0 % $ 28.67 / 14 % $ 30.67 / 22 % $ 25.69 / 2 % $ 29.22 / 16 % $ 31.27 / 25 % $ 26.15 / 4 % $ 29.74 / 18 % $ 31.82 / 27 % Implied GP Ownership Exchange Ratio Conversion into Status Quo Market Cap (~4mm shares)1 Current Prices GP: $15.49 Midstream: $25.10

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Accretion / (Dilution Analysis) GP Perspective GP Pro Forma DCF / Share Acc. (Dil.) GP Pro Forma DPS Acc. (Dil.) 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.6 x 1.7 1.8 1.9 2.0 38 % 37 35 34 33 76 % 50 % 36 % 29 % 25 % 70 44 31 25 20 64 39 26 20 16 58 34 22 16 12 53 30 18 12 8 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.6 x 1.7 37 % 35 70 % 44 % 31 % 25 % 21 % 64 39 26 21 16 1.8 34 59 35 22 16 12 1.9 33 53 30 18 13 9 2.0 32 48 26 14 9 5 Source: Arkose Projections and Bloomberg market data as of 4-Apr-2018 1 Calculation based on GP’s market cap based on current 20-trading day VWAP. 2 Calculation based on implied pro forma market cap calculated as GP market cap based on 20-trading day VWAP plus Midstream’s current market cap; total market cap held constant regardless of exchange ratio. 13 Executive Summary 118 % 90 % 53 % 39 % 27 % 111 83 47 34 22 103 77 42 29 18 97 71 38 25 14 90 66 33 21 11 Implied GP Ownership Exchange Ratio Series B Convert at Pro Forma Market Cap (~21mm GP Shares)2 Projection Year Projection Year 126 % 97 % 58 % 44 % 31 % 118 89 52 38 27 110 83 47 34 22 103 76 42 29 18 96 71 37 25 14 Implied GP Ownership Exchange Ratio Series B Convert at Status Quo Market Cap (~4mm GP Shares)1 Projection Year Projection Year

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Accretion / (Dilution Analysis) Midstream Perspective Midstream Pro Forma DCF / Unit Acc. (Dil.) Midstream Pro Forma DPU Acc. (Dil.) 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.6 x 1.7 1.8 1.9 2.0 38 % 37 35 34 33 (12)% (4)% 2 % 5 % 8 % (10) (2) 4 8 11 (8) 0 7 10 13 (6) 2 9 12 15 (4) 4 11 14 17 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.6 x 1.7 1.8 1.9 2.0 37 % 35 34 33 32 (15)% (7)% (1)% 2 % 5 % (13) (5) 1 4 7 (11) (3) 3 7 10 (9) (1) 5 9 12 (7) 1 7 11 14 Source: Arkose Projections and Bloomberg market data as of 4-Apr-2018 1 Calculation based on GP’s market cap based on current 20-trading day VWAP. 2 Calculation based on implied pro forma market cap calculated as GP market cap based on 20-trading day VWAP plus Midstream’s current market cap; total market cap held constant regardless of exchange ratio. 14 Executive Summary (9)% (2)% 1 % 3 % 5 % (7) 0 3 6 8 (5) 3 6 8 10 (3) 5 8 10 12 (1) 7 10 12 15 Implied GP Ownership Exchange Ratio Series B Convert at Pro Forma Market Cap (~21mm GP Shares)2 Projection Year Projection Year (6)% 1 % 4 % 7 % 9 % (4) 4 7 9 11 (2) 6 9 12 14 0 8 11 14 16 2 10 13 16 18 Implied GP Ownership Exchange Ratio Series B Convert at Status Quo Market Cap (~4mm GP Shares)1 Projection Year Projection Year

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix A: Supplemental Materials

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Combined Market (Midstream + GP + Series B) Since 1-Jun-2017 | ($ in millions) Capitalization Basis of Presentation Historical Combined Market Cap Midstream Units Midstream Unit Price 187 $ 25.10 $ 11,000 $ 10,000 GP Shares GP Share Price 186 $ 15.49 $ 9,000 $ 8,000 $ 7,000 Series B Conversion Shares GP Share Price 4 $ 15.49 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Series B Conversion to GP Shares 8 7 Contributions to Equity Value 6 5 4 3 2 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Source: CapIQ, Bloomberg market data as of 04-Apr-2018 Note: 1-Jun-2017 represents 21st day of public trading. Supplemental Materials 16 Number of Series B Shares if Converted Converted Shares 3.9 Midstream 61 % GP 38 Series B 1 millions of shares Combined Equity Value $ 7,636 Series B Equity Value $ 60 GP Market Cap (+) Midstream Market Cap (+) Illustrative Series B Value Combined Market Cap $ 7,636 GP Equity Value $2,884 $ in millions Midstream Equity Value $ 4,692

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Actual vs Peer Indexed Price Performance Midstream Unit Price Year-to-Date ($)¹ Historical Exchange Ratio Year-to-Date $35 1.70 x 1.65 x $30 1.60 x $25 1.55 x $20 Jan-2018 Feb-2018 Apr-2018 GP Share Price Year-to-Date ($)² 1.50 x $23 $22 $21 $20 $19 $18 $17 $16 $15 1.45 x 1.40 x 1.35 x 1.30 x Jan-2018 Feb-2018 Apr-2018 Jan-2018 Feb-2018 Apr-2018 Source: Bloomberg market data as of 04-Apr-2018 Note: Indexing begins on 26-Jan-2018. ¹ MLP Index includes BPMP, CNXM, DM, ENBL, ENLK, EQM, HESM, NBLX, PSXP, SHLX, VLP, WES, ANDX, CEQP, DCP, HEP, SMLP, TEP and TRGP. 2 GP Index includes EQGP, ENLC, ETE, EQGP and WGP 17 Supplemental Materials Indexed $ 16.78 GP $ 15.49 Share Price ($) Exchange Ratio (Midstream/GP) Indexed 1.58 x Indexed $ 26.55 Midstream $ 25.10 Actual 1.62 x Unit Price ($) Indexed Unit/Share prices and Exchange ratios as of 26-Jan (Recent market highs)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream / GP Exchange Ratio Since GP IPO | 03-May-2017 2.00x 2.00 x / 23 % 1.80x 30 60 901.90 x /C1u7r%rent ndar(At Since GP IPO ay Market) 1.80x 1.80 x / 11 % 1.70x 1.70 x / 5 % 1.62 x 1.60x 1.60x 1.60 x / (1)% 1.50 x / (7)% 1.49 x 1.50x 1.40x 1.40x 6M 1 1.30x .20x May-2017 Jul-2017 Oct-2017 Dec-2017 Mar-2018 May-2017 Jul-2017 Oct-2017 Dec-2017 Mar-2018 Midstream / GP Source: Bloomberg market data as of 04-Apr-2018 18 Supplemental Materials Less Ownership to Midstream Greater Ownership to GP Greater Ownership to Midstream Less Ownership to GP Exchange Ratio Exchange Ratio 47 x1.49 x Average 6MCalendar Calendar Cale DayDay D Exchange Ratio1.55 x1.52 x1.41 x1.45 x1. AverageAverage Since GP30 Calendar 60 Calendar 90 Calendar Current (At IPODayDayDayMarket) GP % Ownership39 %39 %39 %40 %40 %38 % Exchange Ratio1.55x1.51x1.55x1.48x1.49x1.62x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY GP / Midstream Contribution Analysis ($ in millions) GP Buys Midstream GP Series BMidstream IDR LLC Distributions to Midstream Distributions To Exchange Ratio To Midstream Shares To Series B Series A Series B IDR LLC LP Unitholders Ratio of Cash Distributions Arkose GP Common Shares IDR LLC - Series B Series B Midstream LP Unitholders Exchange Ratio To Midstream Shares To Series B Ratio of Cash Distributions Exchange Ratio To Midstream Shares To Series B GP IDR LLC - Series B Total GP Midstream Ratio of Equity Value Source: Arkose Projections and Bloomberg market data as of 04-Apr-2018 19 Supplemental Materials Market Current Cap $ 2,884 $ 60 $ 2,944 $ 4,692 1.62 x 4 38 % 1 % 61 % Status Quo Cash Distributions to Equity (Midstream, IDR LLC, and GP FY 2018E $ 100 $ 7 $ 320 3.19 x 13 FY 2019E 165 12 414 2.49 14 FY 2020E 249 20 533 2.13 15 FY 2021E 324 26 640 1.97 15 FY 2022E 413 34 767 1.85 15 34 % 3 % 63 % 33 % 3 % 65 % 31 % 2 % 66 % 28 % 2 % 70 % 23 % 2 % 75 % Status Quo Cash Distributions to Equity (Midstream and IDR LLC) FY 2018E $ 136 $ 7 $ 143 $ 320 2.35 x 9 FY 2019E 223 12 $ 236 414 1.85 10 FY 2020E 336 20 $ 355 533 1.58 11 FY 2021E 436 26 $ 462 640 1.46 11 FY 2022E 556 34 $ 589 767 1.38 11 41 % 2 % 57 % 40 % 2 % 58 % 38 % 2 % 60 % 34 % 2 % 64 % 29 % 1 % 69 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Absolute and Relative Changes in Family Equity Value in Precedent Transactions One Day % Change in Family Equity Value and Alerian Index Performance 14 % (1)% (6)% 6 Month % Change in Family Equity Value and Alerian Index Performance 41 % (22)% Source: Thomson, Alerian, Bloomberg Supplemental Materials 20 4 % 8 % (10)% (9)% 0 %(15)% 10 %10 % (0)% 5 %5 % 2 % 4 % 2 %2 % Change in Family Market Cap Alerian Performance

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Determining Arkose’s Overall Yield Calculation of Combined Equity Value Calculation of Equity Yield Midstream Units 187 2018 2019 2020 (x) Midstream Unit Price $ 25.10 Midstream LP Distributions $ 320 $ 414 $ 533 Midstream Equity Value $ 4,692 Implied Yield 6.8 % 8.8 % 11.4 % Y.o.Y. Dist Growth 30 % 29 % 29 % GP Shares (x) GP Share Price 186 $ 15.49 GP Common Distributions $ 100 $ 165 $ 249 GP Equity Value $ 2,884 Implied Yield 3.5 % 5.7 % 8.6 % Y.o.Y. Dist Growth 67 % 65 % 51 % Series B Converted Shares (x) GP Share Price 4 $ 15.49 Series B Equity Value $ 60 Combined Midstream¹ $ 427 $ 591 $ 802 Y.o.Y. Dist Growth 37 % 38 % 36 % Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 Note: Share counts based on 2017 Midstream and GP 10-K. 1 Includes Series B distributions. 2 Based on average precedent change in total equity in selected precedent transactions. Supplemental Materials 21 Implied Yield5.6 %7.7 %10.5 % Implied Upside Yield5.27.29.8 Arkose Midstream Total Equity Value$ 7,636 Illustrative 7.0% Uplift28,171

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix B: Alternative Perspectives on Series B Conversion – For Special Committee Use Only

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Illustrative Extension of Management’s Financial Forecasts LP DPU Forecast $ 8.00 $ 7.14 $ 7.14 $ 6.00 $ 5.96 $ 5.96 $ 5.73 $ 4.00 $ 1.72 $ 2.00 $ 0.00 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Management Rapid Taper Gradual Taper Series B Distribution Forecast $ 80 $ 60 $ 54 $ 52 $ 40 $ 34 $ 26 $ 41 $ 20 $ 7 $ 0 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Management Rapid Taper Gradual Taper Source: Arkose Projections Alternative Perspectives on Series B Conversion – For Special Committee Use Only 23 $ 68 $ 59 $ 50 $ 42 $ 47 $ 20 $ 12 $ 6.38 $ 5.60 $ 4.83 $ 3.42 $ 4.10 $ 5.32 $ 2.85 $ 4.75 $ 2.21

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Illustrative Implied Series B Values Shares Issued Based on Implied Values | (Shares and $ in Millions) 1 2 3 4 5 Cash Flow Based on DDM-implied GP share price Based on VWAP Illustrative Value If Converted1 26 10 10 10 9 9 Rapid Taper Gradual Taper Rapid Taper Gradual Taper Rapid Taper Gradual Taper 2018E 2019E 2020E Breakeven Cash Flow Source: Arkose Projections, Wall Street research and Bloomberg market data as of 4-Apr-2018 1 Based on current GP 20-trading day VWAP. 24 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Breakeven Dist. in 2018 Breakeven Dist. In 2022 Slightly Declining PGR (-1%) Slightly Positive PGR (1%) 9.5% NTM Yield in 2026 5.5% NTM Yield in 2026 22 14 17 15 1111 11 11 9 8 7 $ 230 $ 269 $ 168 $ 170 $ 124 $ 133 $ 135 $ 150 $ 158 $ 111 335 397 170 172 145 150 220 Breakeven Conversion in 2026 Dividend Discount Models Arkose GP EV / IDR Cash Flow

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value Dividend Discount Model Through Series B Redemption in 2026 | ($ in millions) Status Quo Series B Dividend Discount Model Management Forecast Illustrative Extension of Projections 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Y.o.Y. Growth 65 % 51 % 30 % 28 % 21 % 15 % 10 % 5 % 2 % o calculate 2026 market cap of GP and derive implied Series B terminal value and shares issued to Series B in 2026 Equity Discount Rate 10.0 % Implied NTM Terminal Yield 10.2 % Implied 2018E Yield 2.0 % Series B Cash Flows Y.o.Y. Growth $ 7 $ 12 83 % $ 20 58 % $ 26 33 % $ 34 29 % $ 41 22 % $ 47 16 % $ 52 10 % $ 54 5 % Shares issued today based on DDM-implied current GP share price and DDM-implied Series B Value Implied Shares Issued to Series B Equity Discount Rate 8 10.0 % Implied Terminal Yield 20 % Implied 2018E Yield Shares Issued Today Based On: Current VWAP DDM-Implied Price 2.3 % 18 11 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 1 Calculation divides DDM-implied Series B value by current GP 20-trading day VWAP to reach number of shares issued to Series B unitholders in exchange for the units. 2 Calculation divides DDM-implied Series B value by a DDM-implied GP share price derived using the same cost of equity and terminal growth rate assumptions to reach number of shares issued to Series B unitholders in exchange for the units. Alternative Perspectives on Series B Conversion – For Special Committee Use Only 25 Implied Series B Value$ 289 Discounted Cash Flows$ 6$ 11$ 15$ 19$ 22$ 24$ 25$ 25$ 141 Terminal Value Based on DDM-Implied Future GP Market Cap$ 274 Implied GP Share Price$26.47 Discounted Cash Flows$0.51$0.77$1.05$1.25$1.45$1.59$1.66$1.65$16.54 Memo: Current 20-Trading Day VWAP: $ 16.42 Memo: LP DPU Y.o.Y. Growth29 %29 %20 %20 %16 %12 %8 %4 %0 % GP DPS$ 0.54$ 0.89$ 1.34$ 1.74$ 2.22$ 2.68$ 3.08$ 3.37$ 3.53$ 3.60 Perpetuity Growth Rate0 % Implied Future Market Cap$ 6,574 Used t Terminal Value$ 35.31

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (con’t) Series B Dividend Discount Model | ($ in millions) 1 2 1 2 Series B Value ($mm) Converted Shares (VWAP-Based) Converted Shares (DDM-Based) (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % 9.0 % 19 20 22 11 11 11 9.5 18 19 20 11 11 11 10.0 17 18 19 11 11 11 10.5 16 17 18 11 11 11 11.0 15 16 17 11 11 11 (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % (1.0)% 0.0 % 1.0 % 9.0 % 22 24 26 11 11 11 9.5 21 22 24 11 11 11 10.0 19 21 22 11 11 11 10.5 18 19 21 11 11 11 11.0 17 18 20 11 11 11 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 29-Mar-2018 1 Calculation divides DDM-implied Series B value by current GP 20-trading day VWAP to reach number of shares issued to Series B unitholders in exchange for the units. 2 Calculation divides DDM-implied Series B value by a DDM-implied GP share price derived using the same cost of equity and terminal growth rate assumptions to reach number of shares issued to Series B unitholders in exchange for the units. 26 Alternative Perspectives on Series B Conversion – For Special Committee Use Only $ 360 $ 387 $ 421 338 362 391 319 340 365 301 319 341 285 301 320 Cost of Equity GradualTaper Case (2% Annual Step Down) $ 305 $ 327 $ 355 288 307 330 272 289 309 257 272 290 244 257 273 Cost of Equity Rapid Taper Case (4% Annual Step Down) Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (con’t) Redemption Value in 2026 Based on Illustrative Future NTM Yields | ($ in millions) Status Quo Illustrative Value if Redeemed in 2026 Management Forecast Illustrative Extension of Projections 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Memo: LP DPU Y.o.Y. Growth Series B Cash Flows Y.o.Y. Growth 29 % $ 12 83 % 29 % $ 20 58 % 20 % $ 26 33 % 20 % $ 34 29 % 18 % $ 42 25 % 16 % $ 50 21 % 14 % $ 59 17 % 12 % $ 68 14 % 0 % $ 7 GP DPS Y.o.Y. Growth $ 0.54 $ 0.89 65 % $ 1.34 51 % $ 1.74 30 % $ 2.22 28 % $ 2.74 23 % $ 3.28 20 % $ 3.83 17 % $ 4.36 14 % $ 4.43 2 % Assumed NTM DPU Yield Implied Share Price Implied Market Cap 8.5 % $52.16 $9,711 Implied Shares Issued At Year End 9 Redemption Value Sensitivities Illustrative Series B Value ($mm) Implied GP Share Price At Year End 2026 Implied GP Shares Issued At Year End 2026 3 Gradual Taper Rapid Taper Gradual Taper Rapid Taper Gradual Taper Rapid Taper 5.5 % $80.61 $65.43 10 9 6.5 68.21 55.37 9 9 7.5 59.11 47.98 9 9 8.5 52.16 42.34 9 8 9.5 46.67 37.88 9 8 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 29-Mar-2018 1 Based on current GP 20-trading day VWAP . Alternative Perspectives on Series B Conversion – For Special Committee Use Only 27 $ 780$ 611 $ 642$ 499 $ 540$ 416 $ 463$ 353 $ 401$ 303 GP Yield at Y.E. 2026 Assumed Step Down Assumed Step Down Assumed Step Down Series B Value$ 463 Memo: Current 20-Trading Day VWAP: $ 16.42

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Relative Value Based on GP Trading | ($ in millions) Status Quo Relative Value Based on GP EV / IDR Cash Flow Management Forecast 2018E 2019E2020E Relative Value Based Illustrative GP Enterprise Value Sensitivities 1 Implied EV / IDR Cash Flow Multiple Implied Series B Value Implied GP Shares 2018E 2019E 2020E 2018E 2019E 2020E 2018E 2019E 2020E $ 2,500 $ 124 $ 138 $ 145 8 8 9 3,000 149 166 174 9 10 11 3,500 174 193 203 11 12 12 4,000 199 221 233 12 13 14 4,500 224 249 262 14 15 16 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 29-Mar-2018 1 Based on current GP 20-trading day VWAP . Alternative Perspectives on Series B Conversion – For Special Committee Use Only 28 18.4 x11.2 x7.4 x 22.113.48.9 25.815.710.4 29.417.911.9 33.120.213.4 Illustrative GP EV Implied GP Shares91010 Memo: Current 20-Trading Day VWAP: $ 16.42 GP Enterprise Value$ 2,882$ 2,882$ 2,882 ( / ) Cash Flow from IDR LLC136223336 EV / IDR Cash Flow21.2 x12.9 x8.6 x Series B Cash Flow$ 7$ 12$ 20 Illustrative Series B Value4$ 143$ 159$ 168

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series B Value (Cont’d) Breakeven Cash Flow To Series B | Based on Pro Forma GP DPS Assuming Full Tax Shield | ($ in millions) Illustrative Shares Issued to Reach Breakeven Cash Flow 2018E 2019E 2020E 2021E 2022E Total P.F. GP Total Dist. @ 100% Tax Shield Current GP Shares Converted Midstream Units @ 1.75 x Exch. Ratio Illustrative Series B Units Issued To Make Whole (2020 Cash Flow Breakeven) $ 463 186 327 12 $ 649 $ 889 $ 1,102 $ 1,356 P.F. DPS $0.88 $1.24 $1.69 $2.10 $2.58 $8.50 % to S.Q. 50 % 16 % (0)% (7)% (11)% (0)% Value at Current 20-Trading Day VWAP $ 125 $ 163 $ 189 $ 203 $ 214 $ 190 Breakeven Cash Flow Value Sensitivities 5 2018E 2019E 2020E 2021E 2022E Total 1.6 x 1.7 1.8 1.9 2.0 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 29-Mar-2018 1 Represents the period where the shares issued result in an equal distribution to Series B unitholders in that period; sensitivity table shows cumulative impact over the forecast period on Series B unitholders based on the number of shares issued. 29 Alternative Perspectives on Series B Conversion – For Special Committee Use Only 7911121211 71011121311 81012131312 81012131412 81113131413 Exch. Ratio to Midstream Break Even Cash Flow Target Period Memo: Illustrative Breakeven Shares81012121312 Cash Flow to Series B$ 10$ 14$ 20$ 24$ 30$ 98 PF Units Outstanding525 Memo: Current 20-Trading Day VWAP: $ 16.42 S.Q. GP 2019 DPS: $0.89 Series B Status Quo Cash Flows$ 7$ 12$ 20$ 26$ 34$ 98

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Extension of Management Model Through 2027 Rapid Taper Case | ($ in millions, except per share data) 1 Management Projections Illustrative Extension of Projections 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Source: Arkose Projections Note: At end of management forecast period, model assumes LP DPU growth steps down in 4% increments per annum through 2027 as a base case assumption. Model extended through 2027 because Series B units in IDR LLC become redeemable on 31-Dec-2026. 30 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Distributions GP Distributions$ 70 LP Distributions247 $ 143$ 236$ 355$ 462$ 589 320414533640767 $ 711$ 817$ 895$ 937$ 937 8899951,0731,1151,115 Total Distributions$ 317 $ 463$ 649$ 889$ 1,102$ 1,356 $ 1,600$ 1,811$ 1,968$ 2,052$ 2,052 % Cash Flow to GP22 % Weighted Average LP Units Outstanding185 31 %36 %40 %42 %43 % 187187187187187 44 %45 %45 %46 %46 % 187187187187187 Total Dist. Per Unit$ 1.70 LP Distributions Per Unit1.33 $ 2.48$ 3.47$ 4.75$ 5.89$ 7.25 1.722.212.853.424.10 $ 8.55$ 9.68$ 10.52$ 10.96$ 10.96 4.755.325.735.965.96 LP Dist Growth Arkose IDR Holding LLC 29 %29 %29 %20 %20 % 16 %12 %8 %4 %0 % Cash Flow from Midstream$ 70 $ 143$ 236$ 355$ 462$ 589 $ 711$ 817$ 895$ 937$ 937 Cash Flow to / Reserved for Series B Units1(2) (7)(12)(20)(26)(34) (41)(47)(52)(54) Cash Flow Available to GP LP$ 67 $ 136$ 223$ 336$ 436$ 556 $ 670$ 770$ 843$ 882$ 937 Arkose Midstream GP LP ("GP") Cash Flow Available to GP$ 67 G&A(2) Interest Expense0 $ 136$ 223$ 336$ 436$ 556 (2)(2)(2)(2)(2) 00000 $ 670$ 770$ 843$ 882$ 937 (2)(2)(2)(2)(2) 00000 Taxable Cash Flow to GP$65 $134$221$334$434$554 $668$768$841$880$935 Cash Taxes Effective Tax rate (34)(56)(85)(110)(140) (25)%(25)%(25)%(25)%(25)% (169)(194)(213)(223)(237) (25)%(25)%(25)%(25)%(25)% Distributable Cash Flow to GP $100$165$249$324$413 $499$573$628$657$698 DCF Coverage Ratio 1.0 x1.0 x1.0 x1.0 x1.0 x 1.0 x1.0 x1.0 x1.0 x1.0 x Total Distributions $ 100$ 165$ 249$ 324$ 413 $ 499$ 573$ 628$ 657$ 698 Shares Outstanding1 186186186186186 186186186186194 DPS $ 0.54$ 0.89$ 1.34$ 1.74$ 2.22 $ 2.68$ 3.08$ 3.37$ 3.53$ 3.60

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Extension of Management Model Through 2027 Gradual Taper Case | ($ in millions, except per share data) 1 Management Projections Illustrative Extension of Projections 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Source: Arkose Projections Note: At end of management forecast period, model assumes LP DPU growth steps down in 2% increments per annum through 2027 as a base case assumption. Model extended through 2027 because Series B units in IDR LLC become redeemable on 31-Dec-2026. 31 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Distributions GP Distributions$ 70 LP Distributions247 $ 143$ 236$ 355$ 462$ 589 320414533640767 $ 726$ 870$ 1,016$ 1,157$ 1,157 9041,0481,1941,3351,335 Total Distributions$ 317 $ 463$ 649$ 889$ 1,102$ 1,356 $ 1,631$ 1,918$ 2,209$ 2,493$ 2,493 % Cash Flow to GP22 % Weighted Average LP Units Outstanding185 31 %36 %40 %42 %43 % 187187187187187 45 %45 %46 %46 %46 % 187187187187187 Total Dist. Per Unit$ 1.70 LP Distributions Per Unit1.33 $ 2.48$ 3.47$ 4.75$ 5.89$ 7.25 1.722.212.853.424.10 $ 8.72$ 10.25$ 11.81$ 13.32$ 13.32 4.835.606.387.147.14 LP Dist Growth Arkose IDR Holding LLC 29 %29 %29 %20 %20 % 18 %16 %14 %12 %0 % Cash Flow from Midstream$ 70 $ 143$ 236$ 355$ 462$ 589 $ 726$ 870$ 1,016$ 1,157$ 1,157 Cash Flow to / Reserved for Series B Units1(2) (7)(12)(20)(26)(34) (42)(50)(59)(68) Cash Flow Available to GP LP$ 67 $ 136$ 223$ 336$ 436$ 556 $ 685$ 820$ 956$ 1,090$ 1,157 Arkose Midstream GP LP ("GP") Cash Flow Available to GP$ 67 G&A(2) Interest Expense0 $ 136$ 223$ 336$ 436$ 556 (2)(2)(2)(2)(2) 00000 $ 685$ 820$ 956$ 1,090$ 1,157 (2)(2)(2)(2)(2) 00000 Taxable Cash Flow to GP$65 $134$221$334$434$554 $683$818$954$1,088$1,155 Cash Taxes Effective Tax rate (34)(56)(85)(110)(140) (25)%(25)%(25)%(25)%(25)% (173)(207)(242)(276)(293) (25)%(25)%(25)%(25)%(25)% Distributable Cash Flow to GP $100$165$249$324$413 $510$611$713$812$863 DCF Coverage Ratio 1.0 x1.0 x1.0 x1.0 x1.0 x 1.0 x1.0 x1.0 x1.0 x1.0 x Total Distributions $ 100$ 165$ 249$ 324$ 413 $ 510$ 611$ 713$ 812$ 863 Shares Outstanding1 186186186186186 186186186186195 DPS $ 0.54$ 0.89$ 1.34$ 1.74$ 2.22 $ 2.74$ 3.28$ 3.83$ 4.36$ 4.43

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Impact of Early Series B Vesting Illustrative 10% Cost of Equity | Assumes Vesting In Equal Increments at Year End 2017, 2018, and 2019 | ($ in millions) 2017A 2018E 2019E 2020E 2021E 2022E Status Quo Series B Claim on IDR Cash Flow Vested At: 1-Jan 31-Dec Tranche 1 - '17 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Tranche 2 - '18 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Tranche 3 - '19 Maturity "Mid Year" Cash Flow Year End Cash Flow (Payments Due in Arrears Upon Vesting) Total "Mid-Year" Cash Flows Total Year End Cash Flows $ 4 $ 7 $ 12 $ 20 $ 26 $ 34 0 % 33 33 % 67 67 % 100 100 % 100 % 100 % $ 2 0 $ 4 0 $ 7 0 $ 9 0 $ 11 0 $ 0 4 4 0 7 0 9 0 11 0 $ 0 0 $ 2 4 $ 0 8 $ 8 8 7 0 $ 20 0 9 0 $ 26 0 11 0 $ 34 0 Early Vesting (100% Vested Today) Tranche 1-3 "Mid Year" Cash Flow PV of Cash Flows (+) Tranche 2-3 2017 Cash Due Upon Vesting (Undiscounted) $ 7 6 3 $ 12 11 $ 20 15 $ 26 19 $ 34 22 Source: Arkose Projections, Arkose GP 2017 10-K 32 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Incremental Value of Early Vesting $ 1 Total PV of Cash Flows $ 9 $ 11 $ 15 $ 19 $ 22 NPV of Early Vesting 76 PV of Cash Flows $ 6 $ 14 $ 15 $ 19 $ 22 NPV of Status Quo 75

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Market Implied Perpetuity Growth Rates DDM Based on 2018-2020E DPU/DPS | Illustrative 10% Cost of Equity 3 % 2 % 1 % 0 % (0)% (0)% (0)% (1)% (2)% (3)% (4)% Implied Terminal NTM Yield Source: Arkose Projections, IBES/ Wall Street research, and Bloomberg market data as of 4-Apr-2018 Note: Summit Midstream Partners not shown; analysis indicates a -11% implied PGR and 23.7% implied terminal yield for Summit. 33 Alternative Perspectives on Series B Conversion – For Special Committee Use Only PSXP VLP BPMP TRGP DCP SHLX ENBL CNXM HEP WES EQM ANDX CEQP TEP Arkose Midstream DM ENLK 7.8 % 7.6 % NA 8.5 % 9.1 % 9.9 % 10.5 % 11.2 % 9.8 % 10.4 % 10.7 % 10.6 % 10.6 % 11.1 % 13.3 % 9.0 % 13.0 % 2 % 2 % 2 % 1 % 1 %1 % (0)%(0)% (1)%(1)% (1)% (1)% (2)% (3)%

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Basis of Analysis for Illustrative Market Implied Perpetuity Growth Rates 2018 2019 2020 2021 Arkose Mistream DPU PV of DPU Current Unit Price (-) PV of DPU $ 1.72 1.64 $ 25.10 (5.80) $ 2.21 1.92 $ 2.85 2.25 $ 3.42 Implied PV of Terminal Value Implied FV of TV (PGR) Implied FV of TV (EMM) $ 19.30 24.50 25.69 0.5 ( Rate ) Terminal Year Cash Flow Discount Implied Perpetuity Growth Rate = 0.5 (1 ) + Terminal Value1 Terminal Year Cash Flow Discount Rate X + Source: Arkose Projections, IBES/ Wall Street research, and Bloomberg market data as of 4-Apr-2018 1 Terminal value as calculated by the exit multiple method / year end discounting 34 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Implied NTM Yield at Exit 13 % Implied PGR at Exit (1.5)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis Midstream | As of 03-Apr-2018 ($ in millions) WACC Calculation - Midstream WACC Sensitivity Analysis Target Capital Structure Debt / Total Capitalization Total Debt / Cap Equity / Cap 20.3 % 79.7 10.0 % 15.0 % 20.0 % 25.0 % 30.0 % 4.0 % 4.5 5.0 5.5 6.0 Risk Free Rate Equity Beta Equity Risk Premium 2.8 % 1.23 6.9 % Pre-Tax Cost of Debt Marginal Tax Rate Afer-Tax Cost of Debt 5.2 % 5.2 Source: Arkose management, Midstream public filings, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-Apr-2018 Alternative Perspectives on Series B Conversion – For Special Committee Use Only 35 WACC10.0 % Cost of Equity11.3 % Debt / Equity Ratio25.5 % 10.5 %10.2 %9.8 %9.4 %9.1 % 10.610.29.99.59.2 10.610.310.09.79.4 10.710.410.19.89.5 10.710.510.29.99.7 Pre-Tax Cost of Debt

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis GP | As of 04-Apr-2018 ($ in millions) WACC Calculation WACC Sensitivity Analysis Buyer Capital Structure Debt / Total Capitalization 0.0 % 100.0 Total Debt / Cap Equity / Cap 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % 4.0 % 4.5 5.0 5.5 6.0 Risk Free Rate Equity Beta Equity Risk Premium 2.8 % 0.91 6.9 % Pre-Tax Cost of Debt Marginal Tax Rate Afer-Tax Cost of Debt NA 25.3 % NA Source: Arkose Management, GP public filings, Axioma Historical Betas, Ibbotson and Bloomberg market data as of 04-Apr-2018 Note: GP Beta calculated based on median of GP peers’ historical betas due to limited trading history. Alternative Perspectives on Series B Conversion – For Special Committee Use Only 36 WACC9.1 % Cost of Equity9.1 % Implied Debt / Equity Ratio0.0 % 9.1 %8.8 %8.5 %8.2 %7.9 % 9.18.88.58.27.9 9.18.88.68.38.0 9.18.88.68.38.1 9.18.98.68.48.2 Pre-Tax Cost of Debt

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis Pro Forma | As of 03-Apr-2018 ($ in millions) WACC Calculation WACC Sensitivity Analysis Pro Forma Capital Structure Debt / Total Capitalization Total Debt / Cap Equity / Cap 13.6 % 86.4 5.0 % 10.0 % 15.0 % 20.0 % 25.0 % 4.0 % 4.5 5.0 5.5 6.0 Risk Free Rate Equity Beta 2.8 % 1.23 Equity Risk Premium 6.9 % Pre-Tax Cost of Debt Marginal Tax Rate Afer-Tax Cost of Debt 5.2 % 25.3 3.9 Source: Arkose Management, GP public filings, Axioma Historical Betas, Ibbotson and Bloomberg market data as of 03-Apr-2018 Alternative Perspectives on Series B Conversion – For Special Committee Use Only 37 WACC 10.3 % Cost of Equity 11.3 % Implied Debt / Equity Ratio 15.8 % 10.8 %10.4 %10.0 %9.6 %9.2 % 10.910.510.19.79.3 10.910.510.19.89.4 10.910.510.29.89.5 10.910.610.29.99.6 Pre-Tax Cost of Debt

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY GP Historical & Predicted Beta Last 2 Years | Based of Selected Public General Partners Peers 1.80 1.60 1.40 1.20 0.95 x 0.91 x 1.00 0.80 Apr-2016 Jun-2016Aug-2016 Oct-2016Dec-2016 Feb-2017Apr-2017 Jun-2017Aug-2017 Oct-2017 Dec-2017 Feb-2018 Historical Peer Median Predicted Peer Median Source: Axioma as of 04-Apr-2018 Note: Peer median taken due to lack of GP Historical and Predicted Beta; Peers include ENLC, EQGP, ETE, TEGP and WGP. 38 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Beta

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Historical & Predicted Beta Last Two Years | Based on Midstream’s Market Performance 1.80 1.70 1.60 1.50 1.40 1.30 1.23x 1.20 1.10 1.00 0.90 0.89x 0.80 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Dec-2017 Apr-2018 Historical Beta Predicted Beta Source: Axioma as of 04-Apr-2018 39 Alternative Perspectives on Series B Conversion – For Special Committee Use Only Beta

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis As of 04-Apr-2018 ($ in millions) Company Historical Equity Beta Predicted Beta Basic Shares Share Price Basic Market Cap Debt Cash Debt / Cap Cash / Cap Selected Comparable Companies ANDX BPMP CNXM CEQP DCP DM ENBL ENLK EQM HESM HEP NBLX PSXP SMLP TEP TRGP VLP WES 0.94 NA 0.69 0.97 0.64 1.02 0.76 1.14 0.83 NA 1.09 0.85 0.85 0.60 1.33 0.57 0.55 0.96 0.91 0.95 0.88 0.97 0.95 1.24 0.93 0.97 0.95 0.96 0.89 0.94 0.93 1.06 1.08 1.02 0.89 0.94 217 105 64 71 143 100 433 350 81 55 105 40 122 73 73 219 71 153 $ 44.98 $ 17.31 18.05 26 35 15 14 13 58.53 19.33 27.71 46.41 47.77 13.90 38.52 43.69 36.11 43 $ 9,768 $ 1,813 1,148 1,838 5,024 1,489 5,944 4,697 4,716 1,055 2,917 1,841 5,807 1,016 2,820 9,561 2,552 6,504 $ 4,182 $ 15 415 1,492 4,707 163 3,450 3,468 1,167 0 1,507 88 2,945 1,051 2,147 5,053 985 3,465 $ 75 $ 33 3 1 156 11 5 31 3 48 8 18 185 1 2 137 116 79 30.0 % 0.8 % 26.5 44.8 48.4 9.8 36.7 42.5 19.8 0.0 34.1 4.6 33.6 50.9 43.2 34.6 27.9 34.8 0.5 % 1.8 % 0.2 0.0 1.6 0.7 0.1 0.4 0.0 4.6 0.2 0.9 2.1 0.1 0.0 0.9 3.3 0.8 Company Historical Equity Beta Predicted Beta Basic Shares Share Price Basic Market Cap Debt Cash Debt / Cap Cash / Cap Selected Comparable Companies ENLC EQGP ETE TEGP WGP 0.91 0.90 1.11 0.97 0.87 0.99 0.88 1.00 0.95 0.95 181 266 1,079 185 219 $ 14.40 23 14 19 33 $ 2,605 6,077 15,399 NA 3,496 7,170 $ 74 0 $ 0 0 2.8 % 0.0 0.0 % 0.0 NA NA NA 146 28 1 1 4.0 0.4 0.0 0.0 Source: Management, public filings, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-Apr-2018 Note: Assumes risk free rate of 2.8%, market risk premium of 6.9%, pre-tax cost of debt for Midstream of 5.2%, pre-tax yield on cash for Midstream of 2.3% and tax rate of 0%; GP Historical Equity Beta based on Peer Median Alternative Perspectives on Series B Conversion – For Special Committee Use Only 40 High1.111.00$ 15,399$ 146$ 14.0 %0.0 % Median0.910.95 6,07751 11.60.0 Low0.870.88$ 2,605$ 0$ 00.0 %0.0 % GP0.910.88186$ 15.49$ 2,884$ 0$ 20.0 %0.1 % High1.331.24$ 9,768$ 5,053$ 18550.9 %4.6 % Median0.850.95 2,8681,5002433.90.6 Low0.550.88$ 1,016$ 0$ 10.0 %0.0 % Midstream1.230.89187$ 25.10$ 4,692$ 1,196$ 820.3 %0.1 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Research Analyst DDM Cost Midstream and GP of Equity for Midstream Cost of Equity GP Cost of Equity Midstream Median: 10.3% GP Median: 10.1% 12.1% 12.0% 12.0% 12.0% .5% .5% Source: Bloomberg, IBES and Wall Street research as of 03-Apr-2018 Alternative Perspectives on Series B Conversion – For Special Committee Use Only 41 10.7% 10.3%10.0% 8.5% 9.4% 7 10.3%10.2% 9.5% 8 9.3%